Page:Emergency Economic Stabilization Act of 2008.djvu/29

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O:kiYOkiYO08C04.xml 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 29 (B) that modifications take into account the need for operating fhnds to maintain decent and safe conditions at the property. (4) TIMING.--Each Federal property manager shall develop and begin implementation of the plan required by this subsection not later than 60 days after the date of enactment of this Act. (5) REPORTS TO CONGRESS. Each Federal propety manager shall, 60 days after the date of enactment of this Act and every 30 days thereafter, report to Congress specific information on the num- ber and types of loan modifications made and the number of actual foreclosures occurring during the reporting period in accordance with this section. (6) CONSUnTATION.--In developing the plan re- quired by this subsection, the Federal property man- agers shall consult with one another and, to the ex- tent possible, utilize consistent approaches to imple- ment the requirements of this subsection. (c) ACTIONS WITH RESPECT TO SERVICERS.--In any case in which a Federal property manager is not the owner of a residential mortgage loan, but holds an interest in obligations or pools of obligations secured by residential mmgage loans, the Federal property manager shall.